Bill of Material Management Software Market - Rising Rate of Internet Usage And High Demand For Paperless Operations In Offices and Institutes

A bill of materials can be simply defined as a list of the raw materials, sub-assemblies, intermediate assemblies, sub-components, parts and the quantities of each needed to manufacture an end product. The traditional bill of material management or Excel based management was known to have some flaws such as incomplete data, data inconsistency, and incorrect data entry. In order to streamline the business and avoid unwanted losses, manufacturers are opting for bill of payment software. Bill of material management software helps manufacturers to keep a check on the purchases and other inventory details that helps them in reducing warehouse related losses.

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The major factor driving the bill of material management software market is rising rate of internet usage and high demand for paperless operations in offices and institutes. In addition, e-government and e-commerce solutions and web applications have created demand for better web based billing solutions that support richer and more dynamic interactions. Other factors driving the growth of this market include rising demand for on the move information, increasing number of e-devices that can be used to access e-bills, and compatibility of e-bills with numerous devices such as smartphones, laptops, smart TVs, and other smart wearable devices. Also, consumer acceptance of digital content has a notable effect on the growth of this market. The major restraint for the bill of material management software market includes software piracy and security concerns among users. The impact of these restraints is expected to be moderate to low in the coming years.

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The global bill of material management software market can be classified on the basis of deployment, solution, end user industry, and geography. On the basis of deployment, the market has been classified into cloud based, on premise, and hybrid. In terms of solution, the market has been segmented into compliance management, product data management, product lifecycle management, material requirement, and planning sales management. The end user industry segment has been classified into manufacturing, construction and engineering, transportation, healthcare and life science, consumer goods, and others. The product-lifecycle management application is expected to hold a larger share in the current market scenario.

On a regional basis, the bill of material management software market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America held a prominent share in the overall bill of material management software market, followed by Europe in 2017. Both these regions are expected to retain their positions in the next five years due to high focus on innovations obtained from research and development, and technology. The Asia Pacific region too is forecast to witness major growth in this market mainly due to the increasing technological adoption and wider demand among various industries for bill of material management software for cost competitiveness.

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In the current scenario, few well established players have deeply penetrated into the bill of material management software market by introducing new competitive products. The companies are strengthening their position through merger & acquisition and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers. Furthermore, bill of material management software vendors are planning to invest in artificial intelligence, big data analytics, and advanced machine learning with a target to provide cost competitive and technologically advanced products in the market.

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